The Trump Hotel Collection's latest project -- Trump International Hotel, The Old Post Office, Washington, D.C., a redevelopment of the iconic Old Post Office building at 1100 Pennsylvania Ave., with construction scheduled to begin in spring and expected to be complete in late 2015.

At a recent press conference, Donald Trump committed to spending $200 million on the historic building's redevelopment to make it one of the finest hotels in the world. That price tag includes 270 guest rooms, a 13,000-square-foot grand ballroom, restaurants, retail shops and spa.

During a recent telephone interview, daughter Ivanka Trump, who is working closely with her father on the project, said there will be no compromises when it comes to creating a truly fabulous, luxe hotel.

Trump Hotel Collection was awarded the redevelopment project about 18 months ago by the U.S. General Services Administration after an extensive proposal review process.

Ivanka described the proposal process for the coveted project as extremely competitive, if not one of the most competitive in the country.

"This is an incredibly iconic asset, with an unparalleled location in Washington D.C.," Ivanka says. "This is a building that is incredibly beautiful and is very grand and it is in a location and has a layout that affords for the dominant luxury program in the market."

The building, constructed in 1899, lends itself to being turned into a luxury hotel, Ivanka says.

"Everyone saw it as it as a luxury hotel. That's what it really wants to be," she says.